Euro survives 2012, further tests in store

BRUSSELS: The battered euro, written off as a dud many times during a crisis-wracked year, appears to have survived 2012, but 2013 could prove just as difficult if the economy continues to struggle. It finished the year strongly after the 17 eurozone nations earlier this month nailed down a deal to supply long-delayed bailout funds to Greece to keep the country afloat, and the bloc intact. Athens in turn delivered on its part of the bargain -- more stinging austerity, economic reforms and a tight budget -- all with the aim of cutting its massive debt burden to a more sustainable 124 percent of GDP by 2020. Then progress towards tighter economic and fiscal coordination in the eurozone, and a key first step towards a shared bank supervision regime, rounded out the gains, leaving the Europe in much better shape than seemed likely at the beginning of the year. "Many observers ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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Euro survives 2012, further tests in store [link]